IA
The following information on selected cash transactions for 2017 has been provided by Mancuso Company: Proceeds from 160, 000 sale of land Proceeds from 400, 000 long-term borrowings Purchases of 144, 000 plant assets Purchases of 680, 000 inventories Proceeds from 240, 000 sale of Mancuso ordinary sharesWhat is the cash provided (used) by investing activities for the year ended December 31, 2017, as a result of the above information? O a. 16,000 b. 256,000 c. 160,000 d. 800,000Vien Lang Company carried a provision of P2,000,000 in its draft financial statements on December 31, 2017 in relation to an unresolved court case. On January 31, 2018, when the financial statements.on December 31, 2017 had not yet been authorized for issue, the case was settled and the court decided the final total damages payable by Vien Lang to be P2,800,000. What amount should be adjusted on December 31, 2017 in relation to this event? O a. 2,800,000 b. 2,000,000 c. 800,000 O d. oAt December 31, 2010 Pine Company had 200,000 ordinary shares and 10,000 shares of 4%, P100 par value cumulative preference shares outstanding. No dividends were declared on either the preference or ordinary shares in 2010 or 2011. On February 10, 2012, prior to the issuance of its financial statements for the year ended December 31, 2011, Pine declared a 100% stock split on its ordinary shares. Net income for 2011 was P720,000. In its 2011 financial statements, Pine's 2011 earnings per share should be a. 3.40. b. 3.20. C. 1.70. O d. 1.00.Stine Inc. had 300,000 ordinary shares issued and outstanding at December 31, 2010. On July 1, 2011 an additional 300,000 shares were issued for cash. Stine also had share options outstanding at the beginning and end of 2011 which allow the holders to purchase 90,000 ordinary shares at P28 per share. The average market price of Stine's ordinary shares was P35 during 2011. The number of shares to be used in computing diluted earnings per share for 2011 is a. 672,000 b. 618,000 C. 522,000 d. 468,000Kasravi Co. had net income for 2011 of P300,000. The average number of shares outstanding for the period was 200,000 shares. The average number of shares under outstanding options, at an option price of P30 per share is 12,000 shares. The average market price of the ordinary shares during the year was P36. What should Kasravi Co. report for diluted earnings per share for the year ended 2011? a. 1.50 b. 1.49 O c. 1.43 O d. 1.42Fugate Company had 500,000 ordinary shares issued and outstanding at December 31, 2010. On July 1, 2011 an additional 500,000 shares were issued for cash. Fugate also had share options outstanding at the beginning and end of 2011 which /allow the holders to purchase 150,000 ordinary shares at P20 per share. The average market price of Fugate's ordinary shares was P25 during 2011. What is the number of shares that should be used in computing diluted earnings per share for the year ended December 31, 2011? a. 1,030,000 b. 870,000 c. 787,500 O d. 780,000
